摘要
基于资源基础观与代理理论,利用我国A股上市公司2011—2017年的数据,探讨企业多元化经营对盈余持续性的影响。研究表明,企业多元化显著降低了盈余持续性,且多元化程度越高,企业的盈余持续性越低;这一负向关系在非沉淀性组织冗余水平高、市场竞争地位高以及机构投资者持股比例高的企业中得到缓解,而沉淀性组织冗余则会强化上述关系。研究结论为多元化企业调整资源结构、加强市场竞争力以及资本市场参与者理解企业盈余信息提供参考。
Based on the resources-based view and agency theory,this paper tests the relationship between diversification strategy and earnings persistence by making use of the data from 2011 to 2017 of China's A-share listed companies.It is found that corporate diversification significantly reduced earnings sustainability,and the higher the degree of diversification,the lower the persistence of earnings.Furthermore,this negative relationship is alleviated in enterprises with a high level of non-precipitating organizational redundancy,high market competitive position and high proportion of institutional investors.The conclusion provides a reference for companies to adjust their resources structure,strengthen market competitiveness,and deepen capital market participants'understanding of corporate earnings information.
作者
徐高彦
王晶
XU Gaoyan;WANG Jing(School of Business, Hohai University, Nanjing 211100, China)
出处
《审计与经济研究》
CSSCI
北大核心
2020年第4期105-115,共11页
Journal of Audit & Economics
基金
国家社会科学基金一般项目(15GBL054)
江苏省社会科学应用研究精品工程财经发展专项课题(19SCB-34)。
关键词
多元化
盈余持续性
组织冗余
市场竞争地位
机构投资者持股
diversification
earnings persistence
organizational redundancy
competitive position
institutional investors
